The first one! 1 year later...

[Justin Albrecht]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $256,000
Cash invested: $40,000

The first one!

A 4-unit home in the historic neighborhood of Kalamazoo, MI. A cosmetic fixer upper also being used as my primary residence.

What made you interested in investing in this type of deal?

The market on a single-family home in Dec. 2022 was viewed as too competitive. I began looking at multifamily homes to subsidize expenses knowing i could do some of the repairs myself as a hobby after work.

How did you find this deal and how did you negotiate it?

Found on the MLS after months of searching. Zillow

How did you finance this deal?

FHA 203k loan (wow this was a long process)

How did you add value to the deal?

Each unit was outdated and "half-fixed". Living in one unit i started renovations there and have slowly moved to other units as i can. Doing most of the work myself it's a slow process.

What was the outcome?

Extremely low cost of living but much more time involvement for repairs than expected.

Lessons learned? Challenges?

contractors are expensive.
I can usually do it myself if i can find the time
Still learning how to delegate tasks/projects/maintenance
This process can work!